The first problem perhaps faced by beginners in rehabbing houses is making estimates. Just how much do you buy this house? How much will you spend on repairs? How much will you sell it? Especially for those who have no experience estimating, this step could be a hassle.
That is why it is always advisable to hire an experienced estimator when rehabbing. He will know the figures upon inspecting the home. It is better of course if you’ll learn how to do this on your own as you rehab more properties. That’s less labor costs and more profit. To give you a little push in your bid to learn estimating, here are a few tips that might help you.
Look at the most important and expensive repairs first. Be on the lookout for problems on the roof, foundations, and electrical and plumbing systems. These repairs, also called structural, are very expensive and could ruin your destroy your budget for repairs. They will most likely eat up your repair budget if ever you encounter any of them so you must estimate their costs first.
When checking the roof, you can start from outside and spot the obvious. Does it look terrible and in total disrepair? Ask how long it’s been in place. Depending on the material, roof usually stays in decent condition for around two decades. Look for loose or broken shingles. Look for possible termite damage on the fascia and sofit.
Go inside the house and look at ceiling if it has holes or water stains. Ask yourself whether just a few pieces or the whole roof needs to be replaced. By considering all these, you will an idea on how much you will spend for roof repairs.
Next learn how to estimate repairs on the actual structure or foundation of the house. Look for cracks inside and around the property. If you see that the structural repairs are very extensive, you might want to reconsider rehabbing or even buying that property. Some repairs on foundations can cost you $30,000. Be very careful when examining the house for these damages.
Estimating plumbing and electrical systems come next. Check fuse boxes and wirings. Look at pipes under sinks. Don’t forget to test electrical outlets. Ensure that the air conditioning unit is working property.
Learn more about estimating and rehabbing online. Check education websites like REIwired.com. REI Wired has a database of videos and other material on real estate investing
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About the Author:
The RehabList.com real estate investing program was formed to bring together the wholesale finders of single family homes in need of repair, Realtors, independent “finders or birddogs” and home sellers with the rehab customer.
Article Source: ArticlesBase.com – Making Good Rehabbing Estimates
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